Remortgaging your property has become very popular for a variety of possible reasons:

  • because the mortgage payments you are currently making are at too high a rate and no longer competitive
  • because you wish to reschedule existing loans under one long term lower monthly cost commitment
  • because you want to extend or renovate your property
  • because you want to raise money out of your house for other purposes, e.g. business, boat, holiday home, etc.
  • because you want to switch to a different product such as a flexible mortgage which allows you to offset savings against borrowings
  • because the expenses of remortgaging are now often nil as new lenders will pay the valuation and legal fees of switching to them

Changing your mortgage lender used to be like changing your house; something you only did once or twice in a lifetime. Now it is like changing your car. If you think you are being charged too much ask for a few quotes through your financial advisor or selected major lender. Check the interest rate and monthly cost. Make sure your switch will be a no cost opportunity with your new lender picking up all the expenses.

Legal content supplied by Wilson Nesbitt Solicitors.